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City of Orono, Minnesota <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Position <br />Governmental Funds <br />December 31, 2019 <br />Amounts reported for the governmental activities in the statement of net position are different because <br />Total Fund Balances - Governmental Funds 7,719,676$ <br />Capital assets used in governmental activities are not financial resources and therefore <br />are not reported as assets in governmental funds. <br />Cost of capital assets 40,416,241 <br />Less: accumulated depreciation (8,661,744) <br />Internal service funds are used by the City to charge the cost of compensated absences, liability, <br />property, and workers compensation insurance, vehicles and equipment, centralized purchase <br />of consumable office supplies, maintaining facilities, and maintenance of computer systems. <br />These balances are reported with governmental activities on the statement of net position. 747,182 <br />Noncurrent liabilities, including bonds payable, are not due and payable in the current period and <br />therefore are not reported as liabilities in the funds. Noncurrent liabilities at year-end consist of <br />Compensated absences payable (545,860) <br />Bonds payable (6,110,000) <br />Plus premium on bonds issued (143,851) <br />Other postemployment benefits payable (744,884) <br />Pension liability (3,495,017) <br />Some receivables are not available soon enough to pay for the current period's expenditures, <br />and therefore are unavailable in the funds. <br />Delinquent taxes 69,976 <br />Special assessments 38,450 <br />Intergovernmental 698,016 <br />Governmental funds do not report long-term amounts related to pensions and OPEB. <br />Deferred outflows other postemployment benefit resources 15,632 <br />Deferred inflows other postemployment benefit resources (37,525) <br />Deferred outflows of pension resources 3,859,103 <br />Deferred inflows of pension resources (3,934,581) <br />Governmental funds do not report a liability for accrued interest until due and payable. (64,765) <br />Total Net Position - Governmental Activities 29,826,049$ <br />The notes to the financial statements are an integral part of this statement. <br />Compensated absences payableCompensated absences payable <br />Plus premium on bonds issuedPlus premium on bonds issued <br />Other postemployment benefits payableOther postemployment benefits payable <br />Some receivables are not available soon enough to pay for the current period's expenditures,Some receivables are not available soon enough to pay for the current period's expenditures, <br />and therefore are unavailable in the funds.and therefore are unavailable in the funds. <br />Special assessmentsSpecial assessments <br />47